Canadian Company Shuts $10M Series A to Expand Lithium Refining Capacity
- The round was led by Breakthrough Energy Ventures (BEV) with participation from existing capitalist BDC Capital's Cleantech Practice (BDC).
- The business will use the investment to develop its very first operational, commercial-scale plant with the intention of expanding lithium refining capacity in the Western Hemisphere.
Mangrove Lithium, a Vancouver based company, has shut a USD $10 million Series A financial investment round led by Breakthrough Energy Ventures (BEV) with participation from existing investor BDC Capital's Cleantech Practice (BDC). The firm will make use of the financial investment to construct its first functional, commercial-scale plant with the objective of expanding lithium refining capacity in the Western Hemisphere.
Benchmark Mineral Intelligence forecasts a global supply gap of 4.3 million tons of lithium carbonate and also lithium hydroxide by 2040. The supply of high-purity, battery quality lithium will certainly be critical to the fast fostering of electric vehicles (EV). A shortage could maintain countless EVs from being developed.
Mangrove claims to have established a feedstock-flexible, modular platform to generate battery-grade lithium hydroxide and lithium carbonate. It does so cost-effectively by utilizing brines, hard-rock, clays, and battery recycling streams to resolve this supply gap, says the firm.
"An adequate supply of high-purity lithium is essential if the world is mosting likely to reach over 70% EV penetration by 2040. There is a solid risk of this passion being hindered if the arising supply shortage is not dealt with today," claimed Mangrove chief executive officer Saad Dara.
Mangrove's first focus gets on the lithium salt water that stand for 60% of worldwide deposits. The firm specifies that its innovation gets rid of intricate action in the traditional refining procedures for lithium brines. Along with eliminating CapEx typically related to traditional refining approaches, Mangrove's innovation has the possible to reduce OpEx by as much as 40% in lithium hydroxide manufacturing from salt water, claims the company.
"Transitioning to EVs is a critical step in lowering international greenhouse gas emissions. Mangrove's technology solves a huge constraint in amazing the world's vehicle fleet by making it possible for the lowest-cost, highest-purity lithium hydroxide-- at a range of thousands of millions of vehicles-- and can be applied throughout the supply chain," claimed Carmichael Roberts, Breakthrough Energy Ventures.
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